Singareni employees get 23 percent share in profit

Hyderabad, Oct 6 (IANS) It’s festival time for employees of state-owned mining company Singareni Collieries Company Ltd (SCCL) as Telangana government on Thursday announced 23 percent share in the firm’s profit.

Chief Minister K. Chandrasekhar Rao announced the big bonanza for over 55,000 employees of SCCL, who will get Rs 245.21 crore towards 23 percent share in the profit as an incentive. Each employee will get Rs 43,078.

This is the highest incentive given in the history of the company, jointly owned by the state and the central governments.

Last year, the chief minister had announced 21 percent share for the employees.

The chief minister also announced Deepavali bonus of Rs 54,000 for each employee. According to a statement from the chief minister’s office, each employee will thus get a total cash of Rs 97,000.

The coal production in SCCL during 2015-16 was 60 million tonnes, the highest in the company’s over century- old history. It earned record gross profit of Rs 1,313 crore and net profit of Rs 1,066 crore.

The highest production in the past was 53 metric tonnes and the maximum profit was Rs .490 crore in 2014-15.

Rao made the announcement at a meeting with leaders of the company employees, some ministers and MPs of ruling Telangana Rashtra Samithi (TRS) and SCCL Chairman and Managing Director N. Sridhar. The delegation was led by employees union’s honorary president K. Kavitha, a TRS MP and daughter of the chief minister.

He also directed the company to revive dependent employment scheme, which was scrapped in the undivided Andhra Pradesh. Dependents of employees who die in accidents or due to ill health and those who retire will get jobs in the company.

Lauding the services of Singareni companies, the chief minister said it was no less than the services being rendered by soldiers on the border. He called for recognizing the services of the employees and being sympathetic towards their demands.